Category: Long Island

Huntington, NY According to Milvado, one of Long Island’s leading owner/managers of industrial property, Master Mechanical Corp., major air conditioning/heating/plumbing contractors, signed a new 9,100 s/f lease at 163 East 2nd St. 

Hempstead, NY On January 24, judge Gail Prudenti, dean of the Maurice A. Deane School of Law led a forum and Q&A session featuring Wilbur Breslin, a real estate developer on Long Island. The event was attended by 100 law students, alumni and members of the real estate community to relaunch the Wilbur F. Breslin Center for Real Estate Studies that has now become part of Hofstra Law.

Melville, NY Charles Cotsalas, senior vice president of NorthMarq’s Long Island regional office, arranged a cash-out refinance of $3.75 million for a 71,000 s/f industrial building. The non-recourse, entity only transaction, locked at 4.33%, was structured with a 10-year fixed-rate loan on a 25-year amortization schedule. NorthMarq arranged financing for the borrower, 100 Marcus Drive Associates through its correspondent relationship with 40 | 86 Mortgage Capital, Inc., a life insurance company.

Great Neck, NY Cushman & Wakefield has arranged the sale of two properties totaling $2.24 million located on Long Island. 733 Middle Neck Rd. sold for a final closing price of $1.24 million. 481 Meacham Ave. in Elmont sold for $1 million. A team led by senior managing director Stephen Preuss and associate director Kevin Schmitz represented the sellers in all marketing efforts.

Southampton, NY The Secret Broker Society Team founder Joseph Aquino, president of JAACRES, a New York City, a full-service commercial real estate brokerage company was hired to sell or rent a retail and residential property. The two-story property is located at 52 Jobs Ln.  This 1,850 s/f ground level retail and 1,000 s/f second floor apartment is situated near expertly curated deco stores, and luxury boutiques.

As has been widely reported, Nassau County recently completed the first county-wide reassessment in eight years. The results of the reassessment were published earlier this month on the 2020/21 Tentative Assessment Roll. The goal of the reassessment is a laudable one in that it aims to provide a fair assessment for every property owner in Nassau County. Unfortunately, based upon our review of the reassessment, we do not believe the county’s goal will be accomplished.

Woodbury, NY Greystone, a leading commercial real estate lending, investment, and advisory company, has provided $78.533 million in HUD-insured financing on a skilled nursing facility (SNF) complex. The transaction was originated by Fred Levine, managing director in Greystone’s Monsey office.

Q: I have hired a commercial real estate broker to sell my industrial building. The building has two tenants. He is asking for all sorts of information that I feel is part of the due diligence that the eventual buyer, not me, should be doing. Why go hunting for problems?  A: It is my experience that problems or issues that need to be resolved late in the due diligence process almost always delay a closing, and sometimes completely sabotage a deal. And they usually result in a financial concession on the part of the seller.

Syosset, NY Milvado Property Group finished up 2018 by signing 30 lease deals during the last two quarters totaling 474,578 s/f. “Leasing velocity since mid-July has exceeded our expectations,” said David Hercman, regional director of Milvado, who explained that the increased demand for industrial space is partially due to e-commerce. 

Ronkonkoma, NY Michael Zere, executive VP of Zere Real Estate Services was the exclusive broker for the seller, 1031 Properties 117 LLC, for the $650,000 sale of a 5,000 s/f industrial condo unit on 0.11 of an acre. Built in 1981, the property is located at 700-9 Union Pwy., off of the Veterans Hwy. McArthur Airport Business Corridor. 

Great Neck, NY With 500 locations throughout France, Marie Blachère, a French bakery, is making its way to the U.S. with its first location at 550 Middle Neck Rd.  The two-floor bakery is 6,000 s/f and will accommodate 40 seats on the first level. The location will also feature rooftop dining beginning next spring that will offer an additional 40 seats.

It is extremely important for an owner to incorporate specific termination provisions in order to protect it from non-performing or under-performing contractors. Without these provisions, an owner may find itself on the defensive and at greater risk when the contractor claims that the termination was wrongful. And, if the owner cannot prove that the termination was proper, it may find itself having to pay the contractor lost profits in addition to sums claimed to be owed for work performed.